India expands Russian insurers’ pool after US sanctions

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FILE PHOTO: A crow flies past a container ship docked at a port in Vallarpadam in the southern Indian city of Kochi December 11, 2013. REUTERS/Sivaram V/File Photo

NEW DELHI (Reuters) – India has allowed Russian insurer Soglasie Insurance Company to provide marine cover to tankers entering Indian ports, according to Indian ship regulator’s website, as New Delhi wants steady supply of cheaper Russian oil despite latest U.S. sanctions.

India has also extended the approval granted to Russian companies Sogaz Insurance, Alfastrakhovanie, and VSK Insurance by 5 years to February 2030, showed the notice posted on the Directorate General of Shipping.

Soglasie has been allowed to provide insurance covers for ships calling on Indian ports until Feb. 20 2026, the notice showed.

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Soglasie press office did not immediately respond to Reuters requests from comment.

India also recognises Russia’s Ingosstrakh Insurance Company, with its authorisation valid until Feb. 20, 2029.

Washington earlier this month sanctioned Alfastrakhovanie and Ingosstrakh, along with Russian oil producers and tankers, aiming to curtail Russia’s oil revenues.

Insurance is essential for maritime transport, particularly oil cargoes that require the highest safety standards due to the risk of spills.

Western sanctions against Moscow over its Ukraine invasion, along with tighter scrutiny of Russian oil trade, has almost cut Russia off from the global network of service providers such as insurers and brokers.

The Russian insurers considered eligible by India for providing protection and indemnity (P&I) insurance coverage are not part of the Europe-based International Group, which is made up of 12 so-called P&I clubs.

(Reporting by Nidhi Verma; Editing by Tomasz Janowski)

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